IT Job Market Growth Explodes with 107,100 New Jobs Created in 2018 reports Janco
Janco forecasts an additional 100,000 IT jobs will be added in 2019 and Median Compensation for IT Professionals will increase to the $97,000 range
Park City, UT — https://www.e-janco.com – Janco Associates - Initially Janco reported that only 80K new jobs were added in 2018. Subsequently, the BLS adjusted the number of new IT job created up by 55,600 for the last two months of 2018.
The CEO of Janco Associates, Inc., Mr. M. Victor Janulaitis said, “Hiring for IT Professionals continues unabated. The economy is generating demand for more IT Professionals. He added, “CIOs are creating new jobs that address the increased focus on security, data privacy, Internet-based operations, and digital automation. Blockchain applications are continuing to demand more resources as seamless information flow is prime operational objective."
The CEO said, “The only dampening factor is the recent downturn in the equity markets (which seems to have turned around) and the slowdown in China’s economy. However, if a trade deal is negotiated in the near-term that will not be an issue. In addition, technology mega-corporations, like Apple, Google, and Facebooks, are faced with a prospect of no to slow growth from international economic prospects and increased scrutiny due to privacy and security concerns. This could be a dampening factor on U.S. IT Job Market Growth.”
The CEO added, “The median salary for all IT Professionals based on our latest salary data is $93,077. That is $2,628 higher than the same time last year. Supply and demand are working in favor of qualified IT professionals. We forecast that the median salary for all IT professionals will be in the $97,000 range by the end of 2019 – a $4K increase.” More information on this available on our web site https://www.e-janco.com/salary.htm.
Janulaitis noted, “Attrition rates within the IT function in many enterprises is higher today than in the past. IT Pros now are much more mobile as they have the luxury of a great job market. For the first time in several years, CIOs are now dealing with staff retention issues. To combat this, many organizations have budgeted across the board increases in compensation for many key positions to minimize potential loss of key staff as the job market continues to stay hot. "
Analysis of BLS data on the IT Job Market shows that in 2018 there was an addition of 107,100 new jobs. That is 48,400 more new jobs than were created in 2017. Janco conducted several spot interviews with two dozen CIOs in January. All of those interviewed said they were actively recruiting for IT professionals for new development activities and replacements for those who have left in the last few months. Janco also found that several organizations have slowed the hiring process as they work to absorb the new hires.
The CEO of Janco added, "IT and HR recruiting managers are optimistic. They are focusing on additions to the IT staff as they begin the new year. However, the recent stock market shifts and the possibility of increases in interest rates by the FED causes concern.”
Janco's CEO said, "CIOs are optimistic that the economy will be one that will foster growth. 2019 budgets for Information Technology are up in over 80% of organizations that we have surveyed. Most CIOs are looking to expand their middle management staffs along with increasing the headcount of experienced programmers, systems designers, security experts, and mobile computing specialists.”
Janco is an international consulting firm that follows issues that concern CIOs and CFOs and publishes a series of IT and business infrastructure HandiGuides® and Templates including a Disaster Recovery/Business Continuity Template, Security Template, IT Job Descriptions, and its semi-annual IT Salary Survey.